Bumper rise in this small cap stock of Mukesh Ambani, gave 28% return in 5 sessions.
Reliance Industries, controlled by Mukesh Ambani, owns Alok Industries, which is expanding rapidly these days. The stock increased 7.36 percent to settle at Rs 27.70 a share during today’s trading session. Additionally, this stock had a significant 20 percent increase on Tuesday.
In five sessions, share grew by 28%.
The shares of Alok Industries have been increasing for a considerable amount of time. The previous five trading sessions have seen a return on the stock of 28.54 percent. The last month has seen a 37% spike in the stock. In addition, the stock has returned 66.87 percent to investors over a six-month period. In the last year, the stock has risen by 77%.
Reason for rise in shares.
Reliance, the promoter business, invested Rs 3300 crore in Alok Industries, which is why the company’s stock has increased. Non-convertible redeemable preference shares were used to make this investment, and the stock has stayed optimistic ever since.
Reliance bought Alok Industry in 2020
In 2020, during the bankruptcy process, Reliance Industries acquired Alok Industries. Reliance Industries now owns 40.01 percent of Alok Industries. JM Financial Reconstruction Company owns the remaining 34.99 percent of the company.
Reliance shares fall.
Over one percent of Reliance’s shares fell during today’s trading session, closing at Rs 2580. Today, the stock market also closed. The Nifty ended the day at 21,517 points, down 0.69 percent or 148 points.